Mission1 Investments LLC has completed the acquisition of a 23 per cent stake in Shriram Asset Management Company Limited by converting its securities into equity shares, now holding 29,94,349 equity shares in Shriram AMC. The Securities Issue Committee of Shriram AMC’s Board of Directors allotted 49,11,021 equity shares in exchange for the conversion of Mission1 Investments LLC and Shriram Credit Company Limited securities.
The conversion involves remaining Warrants, Compulsorily Convertible Debentures, and Compulsorily Convertible Preference Shares, subject to SEBI Regulations’ lock-in and transferability restrictions.
Mission1 Investments LLC infused ₹37 crore into Shriram AMC in February 2022 to revitalise the mutual fund business. The partnership aims to democratise wealth creation, with Shriram AMC’s commitment to sustainable growth and Mission1’s expertise in investment management and entrepreneurial ventures. Shriram AMC, established in 1994, is one of India’s first listed AMCs.
However, Shriram Asset Management Co. Ltd.’s shares were down by 1.99 per cent to ₹258.75 at 1.19 pm on the BSE.